Eagle Health Investments LP Acquires New Position in Praxis Precision Medicines, Inc. $PRAX

Eagle Health Investments LP acquired a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 14,951 shares of the company’s stock, valued at approximately $4,407,000. Praxis Precision Medicines makes up about 1.0% of Eagle Health Investments LP’s investment portfolio, making the stock its 23rd largest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. grew its position in Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after purchasing an additional 231,827 shares in the last quarter. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 15.3% during the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock valued at $430,595,000 after purchasing an additional 193,647 shares in the last quarter. Deerfield Management Company L.P. grew its position in Praxis Precision Medicines by 22.4% during the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock valued at $44,565,000 after purchasing an additional 153,920 shares in the last quarter. Bank of America Corp DE grew its position in Praxis Precision Medicines by 12.7% during the third quarter. Bank of America Corp DE now owns 482,861 shares of the company’s stock valued at $25,592,000 after purchasing an additional 54,458 shares in the last quarter. Finally, Woodline Partners LP lifted its stake in Praxis Precision Medicines by 808.9% in the third quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock valued at $22,136,000 after acquiring an additional 371,717 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Up 4.7%

Shares of Praxis Precision Medicines stock opened at $335.61 on Thursday. The firm has a fifty day simple moving average of $319.52 and a 200-day simple moving average of $286.94. Praxis Precision Medicines, Inc. has a 1-year low of $35.21 and a 1-year high of $358.76. The stock has a market capitalization of $9.36 billion, a price-to-earnings ratio of -25.10 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. As a group, research analysts predict that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PRAX shares. BTIG Research reiterated a “buy” rating and issued a $843.00 target price on shares of Praxis Precision Medicines in a research note on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $1,200.00 target price (up from $450.00) on shares of Praxis Precision Medicines in a research note on Wednesday, January 28th. Truist Financial lifted their target price on shares of Praxis Precision Medicines from $700.00 to $715.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $510.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, April 14th. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $592.67.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.